Mass. Median Home Sale Price Up 14 Percent Over Jan. 2013

The number of single-family homes in Massachusetts placed under sales agreements during January was up 1.4 percent over January 2013, marking 11 consecutive months of year-over-year increases in so-called pending sales, the Massachusetts Association of Realtors reported Tuesday morning.

There were 3,151 pending sales recorded in January, the most since 2007. The median sale price of a single-family home put under agreement in January was $320,000, up 14.3 percent from $280,000 in 2013.

Surging condo prices were reflected in the January numbers, which showed the median condo price last month was $300,000, up 20 percent from $250,000 in 2013.

“With demand still strong, homebuyers took advantage of dropping interest rates through the month to push pending homes sales higher in January,” MAR President Peter Ruffini, regional vice president at Jack Conway & Co., said in a statement. “The combination of improved home equity and low interest rates have created a good opportunity for sellers to get back in the market. We're optimistic we'll see homeowners take the next step and list their property for sale.”